TMI BlogDisallowance u/s 37(1) - payments of expenditure by way of cash - Assessee has incurred 90% of expenses...Disallowance u/s 37(1) - payments of expenditure by way of cash - Assessee has incurred 90% of expenses by way of cheque, meaning thereby, in case of business necessity only the assessee has been incurring expenses by way of cash. - Since the vouchers form part of regular books of accounts maintained by the assessee, the same cannot be considered as additional evidences. - this issue may be put to rest by disallowing 5% of expenses incurred by way of cash exceeding ₹ 20,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
|